By Liz Moyer
Investing.com -- Stocks notched a two-day rally as investors believe the Federal Reserve could slow the pace of interest rate increases after new data showed the economy slowed in the second quarter.
The Fed raised rates another 0.75 points on Wednesday, but stocks rallied anyway, especially tech. They continued their climb on Thursday as earnings continue to pour out, especially from big tech names.
While the news hasn't always been strong this week, tech stocks are holding their own. On Friday, new data on inflation in the form of the personal consumption expenditure index will come out. That is the Fed's preferred measure of inflation. Other data is expected to show that personal income rose 0.5% in June, while personal spending was expected to rise 0.9%.
Earnings continue next week, with reports from AMD (NASDAQ:AMD), Starbucks (NASDAQ:SBUX), CVS Health (NYSE:CVS) and Eli Lilly (NYSE:LLY) among others.
Here are three things that could affect markets tomorrow:
1. Oil earnings
Big producers are reporting tomorrow. Chevron Corp (NYSE:CVX) is expected to report $5.09 in earnings per share on $57.9 billion in revenue. Exxon Mobil Corp (NYSE:XOM) is expected to report EPS of $3.84 on revenue of $94.9 billion
2. Procter & Gamble earnings
Procter & Gamble Company (NYSE:PG) is expected to report earnings per share of $1.23 on revenue of $19.4 billion.
3. AstraZeneca earnings
AstraZeneca (NASDAQ:AZN) is expected to report EPS of 79 cents on revenue of $10.5 billion.